20 Amendments of Sirpa PIETIKÄINEN related to 2011/0297(COD)
Amendment 11 #
Proposal for a directive
Recital 9 a (new)
Recital 9 a (new)
(9 a) It is possible for the use of inside information to consist of the acquisition and disposal of financial instruments by a person. Since the acquisition or disposal of financial instruments necessarily involves a prior decision on the part of that person, the carrying out of such acquisition or disposal should not be deemed in itself to constitute the use of inside information.
Amendment 12 #
Proposal for a directive
Recital 9 b (new)
Recital 9 b (new)
(9 b) Having access to inside information relating to another company and using it in the context of a public takeover bid for the purpose of gaining control of that company or proposing a merger with that company should not in itself be deemed to constitute insider dealing
Amendment 13 #
Proposal for a directive
Recital 9 c (new)
Recital 9 c (new)
(9 c) Research and estimates developed from publicly available data should not be regarded as inside information and, therefore, any transaction carried out on the basis of such research or estimates should not be deemed in itself to constitute insider dealing within the meaning of this Directive.
Amendment 14 #
Proposal for a directive
Recital 9 d (new)
Recital 9 d (new)
(9 d) The mere fact that market-makers, bodies authorised to act as counterparties, or persons authorised to execute orders on behalf of third parties with inside information confine themselves, in the first two cases, to pursuing their legitimate business of buying or selling financial instruments or, in the last case, to carrying out an order dutifully, should not in itself be deemed to constitute use of such inside information
Amendment 21 #
Proposal for a directive
Article 1 – paragraph 1
Article 1 – paragraph 1
1. This Directive establishes minimum rules for criminal sanctions for the most serious market abuse offences, namely insider dealing and market manipulation in financial instruments as referred to in Article 2 of the Regulation [MAR].
Amendment 25 #
Proposal for a directive
Article 2 – paragraph 1 – point 1
Article 2 – paragraph 1 – point 1
1. ‘F"financial instrument’" means any instrument within the meaning of Article 2(1)(8) of Regulation (EU) No…of the European Parliament and the Council on markets in financial instruments[MiFIR].
Amendment 26 #
Proposal for a directive
Article 2 – paragraph 1 – point 1 a (new)
Article 2 – paragraph 1 – point 1 a (new)
1 a. "commodity" means a commodity within the meaning of Article 2(1) of Commission Regulation (EC) No 1287/2006.
Amendment 27 #
Proposal for a directive
Article 2 – paragraph 1 – point 1 b (new)
Article 2 – paragraph 1 – point 1 b (new)
1 b. "spot commodity contract" means any contract for the supply of a commodity traded on a spot market which is promptly delivered when the transaction is settled including any derivative contract that must be settled physically.
Amendment 28 #
Proposal for a directive
Article 2 – paragraph 1 – point 1 c (new)
Article 2 – paragraph 1 – point 1 c (new)
1 c. "buy-back programme" means trading in own shares in accordance with Articles 19 to 24 of Council Directive 77/91/EEC.
Amendment 29 #
Proposal for a directive
Article 2 – paragraph 1 – point 2
Article 2 – paragraph 1 – point 2
2. ‘Inside information’ means information within the meaning of Article 6 of Regulation (EU) No…of the European Parliament and the Council on insider dealing and market manipulation[MAR].
Amendment 30 #
Proposal for a directive
Article 2 – paragraph 1 – point 2 a (new)
Article 2 – paragraph 1 – point 2 a (new)
2 a. "competent authority" means the competent authority designated in accordance with Article 16 of Regulation [MAR].
Amendment 31 #
Proposal for a directive
Article 2 – paragraph 1 – point 2 b (new)
Article 2 – paragraph 1 – point 2 b (new)
2 b. "person" means any natural or legal person.
Amendment 32 #
Proposal for a directive
Article 3 – title
Article 3 – title
Insider dealing and improper disclosure of inside information
Amendment 33 #
Proposal for a directive
Article 3 – paragraph 1 – point a
Article 3 – paragraph 1 – point a
(a) when ire a person possession ofes inside information, using and uses that information toby acquireing or dispose of financial instruments to which that information relatesing of, for one'his own account or for the account of a third party. This also includes using, either directly or indirectly, financial instruments to which that information relates. The use of inside information to cancel or amend an order concerning a financial instrument to which thate information relates where thate order was placed before entering intothe person concerned possession ofed thate inside information; or, shall also be considered as insider dealing;
Amendment 37 #
Proposal for a directive
Article 3 – paragraph 1 – point a a (new)
Article 3 – paragraph 1 – point a a (new)
(a a) where a person recommends or induces another person to engage in insider dealing if the person possesses inside information and recommends or induces another person, on the basis of inside information, to acquire or dispose of financial instruments to which that information relates.
Amendment 38 #
Proposal for a directive
Article 3 – paragraph 1 – point b
Article 3 – paragraph 1 – point b
(b) where a person possesses inside information and disclosinges the inside information to any other person, unless suchexcept where the disclosure is made in the lawfunormal course of the exercise of duties resulting from an employment or profession.
Amendment 39 #
Proposal for a directive
Article 4 – paragraph 1 – point a
Article 4 – paragraph 1 – point a
(a) givingentering into a transaction, placing an order to trade or any other behaviour which has the following consequences: – it gives false or misleading signals as to the supply of, demand for, or price of, a financial instrument or a related spot commodity contract; or
Amendment 45 #
Proposal for a directive
Article 4 – paragraph 1 – point b
Article 4 – paragraph 1 – point b
(b) - it securinges the price of one or several financial instruments or a related spot commodity contracts at an abnormal or artificial level;
Amendment 46 #
Proposal for a directive
Article 4 – paragraph 1 – point c
Article 4 – paragraph 1 – point c
(c) entering into a transaction, placing an order to trade, or any other activity in financial marketsbehaviour affecting the price of one or several financial instruments or a related spot commodity contract, which employs a fictitious device or any other form of deception or contrivance;
Amendment 49 #
Proposal for a directive
Article 4 – paragraph 1 – point d
Article 4 – paragraph 1 – point d
(d) dissemination ofng information which gives false or misleading signals as to financial instruments or related spot commodity contracts, wherethrough the media, including the Internet, or by any other means, which has the consequences referred to in subparagraph (a), where the person who made the dissemination knew, or ought to have known, that the information was false or misleading. When information is disseminated for the purposes of journalism, such dissemination of information shall be assessed taking into account the rules governing the freedom of the press and freedom of expression in other media as well as the rules or codes governing journalist profession, unless: – those persons derive, for themselves or another persondirectly or indirectly, an advantage or profits from the dissemination of the information in question; or – the disclosure or dissemination is made with the intention of misleading the market as to the supply of, demand for, or price of financial instruments.